Nationwide Building Society has launched a new, “competitive” instant access savings account offering an interest rate of five per cent.
The account is intended for young savers, available to 11 to 17-year-olds.
The new FlexOne Saver pays five per cent gross p.a./AER (variable) on balances up to £5,000.
Customers need to be aged 11 to 17 and have a FlexOne current account to open this savings account.
Nationwide Building Society had undergone a logo and branch rebrand
NATIONWIDE BUILDING SOCIETY
The FlexOne Saver can be opened and managed in branch or via the Internet Bank or Banking App.
People aged 11 or 12 will need to visit a branch to open the account, as they’ll need to be accompanied by a parent or guardian.
Interest on this account is paid annually and the account can be held up to the age of 23.
When the saver turns 23, the FlexOne Saver will revert to an instant access savings account.
Tom Riley, Nationwide’s Director of Retail Products, said: “It’s important to develop a savings habit at a young age and, as a building society, we want to play our part in helping foster that.
“That’s why we’re launching a new savings account for our FlexOne current account customers.
“Our FlexOne Saver provides young people with a place for their savings, offering a competitive interest rate and with no restrictions on withdrawals.
“FlexOne Saver will also ensure that our youth current account remains one of the most compelling accounts available.”
LATEST DEVELOPMENTS:
Nationwide’s FlexOne current account is a fee-free account that’s open to people aged between 11 and 17.
It comes with a choice of a cash card or a Visa debit card, and the current account pays interest of two per cent AER (variable) on balances up to £1,000.
Customers who have Nationwide’s off-sale FlexOne Regular Saver account, who can deposit up to £100 a month into the regular savings account, will be able to benefit from an interest rate boost today.
They will see their interest rate increase to five per cent gross p.a/AER (variable) from today.
